Turkish banks’ net profit up over 25 pct in first eight months of 2017

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Turkey’s banking sector received 33.28 billion Turkish Liras ($9.68 billion) net profit between January and August this year, the Banking Regulation and Supervision Agency (BDDK) said on Oct. 3.

The eight-month net profit of Turkish banks climbed 25.3 percent on a yearly basis, compared with 26.55 billion liras ($9 billion) net profit in the same period last year, BDDK said in a report.

Between January to August, Turkey’s banking sector’s total assets stood at nearly 3 trillion liras ($870 billion), going up 19.5 percent year-on-year.

As the biggest sub-category of assets, loans given by the banks rose to 1.95 trillion liras ($569 billion) as of Aug. 31, compared to 1.59 trillion liras (some $540 billion) of loans at the end of August last year.

The total amount of deposits in Turkish banks reached 1.6 trillion liras ($466.5 billion) at the end of August, marking a 21.2 percent yearly increase.

The banking sector’s regulatory capital to total risk weighted assets ratio – a significant indicator to figure out the minimum capital requirements of lenders – was at 17.18 percent in August, while the ratio of non-performing loans to total cash loans stood at 3.12 percent, BDDK said.

The Turkish banking sector posted 37.5 billion liras ($10.7 billion) net profit last year while total assets of the sector stood at 2.73 trillion liras ($778 billion) as of Dec. 30, 2016.

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